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REPORTABLE SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Net Sales and Total Assets by Reporting Segment | The following tables show segment information and Segment Adjusted Operating Income (Loss) for the Company’s reportable segments: Net Sales by Reportable Segment
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(in millions) | Customers |  | Inter-segment |  | Net |  | Customers |  | Inter-segment |  | Net
Turbos & Thermal Technologies | $ | 1,385 |  |  | $ | 1 |  |  | $ | 1,386 |  |  | $ | 4,472 |  |  | $ | 3 |  |  | $ | 4,475 |
Drivetrain & Morse Systems | 1,362 |  |  | 3 |  |  | 1,365 |  |  | 4,218 |  |  | 8 |  |  | 4,226 |
PowerDrive Systems | 505 |  |  | 7 |  |  | 512 |  |  | 1,390 |  |  | 22 |  |  | 1,412 |
Battery & Charging Systems | 197 |  |  | — |  |  | 197 |  |  | 567 |  |  | — |  |  | 567 |
Inter-segment eliminations | — |  |  | (11) |  |  | (11) |  |  | — |  |  | (33) |  |  | (33) |
Net sales | $ | 3,449 |  |  | $ | — |  |  | $ | 3,449 |  |  | $ | 10,647 |  |  | $ | — |  |  | $ | 10,647 |
| Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
(in millions) | Customers |  | Inter-segment |  | Net |  | Customers |  | Inter-segment |  | Net
Turbos & Thermal Technologies | $ | 1,473 |  |  | $ | 1 |  |  | $ | 1,474 |  |  | $ | 4,567 |  |  | $ | 3 |  |  | $ | 4,570 |
Drivetrain & Morse Systems | 1,447 |  |  | 2 |  |  | 1,449 |  |  | 4,142 |  |  | 4 |  |  | 4,146 |
PowerDrive Systems | 556 |  |  | 15 |  |  | 571 |  |  | 1,572 |  |  | 52 |  |  | 1,624 |
Battery & Charging Systems | 146 |  |  | — |  |  | 146 |  |  | 395 |  |  | — |  |  | 395 |
Inter-segment eliminations | — |  |  | (18) |  |  | (18) |  |  | — |  |  | (59) |  |  | (59) |
Net sales | $ | 3,622 |  |  | $ | — |  |  | $ | 3,622 |  |  | $ | 10,676 |  |  | $ | — |  |  | $ | 10,676 |
Total Assets by Reportable Segment
(in millions) | September 30, 2024 |  | December 31, 2023
Turbos & Thermal Technologies | $ | 4,007 |  |  | $ | 3,938 |
Drivetrain & Morse Systems | 4,128 |  |  | 4,262 |
PowerDrive Systems | 3,326 |  |  | 3,185 |
Battery & Charging Systems | 1,380 |  |  | 1,335 |
Total | 12,841 |  |  | 12,720 |
Corporate | 2,296 |  |  | 1,733 |
Consolidated | $ | 15,137 |  |  | $ | 14,453 |
Schedule of Segment Earnings Before Interest and Income Taxes | Segment Adjusted Operating Income (Loss)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Turbos & Thermal Technologies | $ | 202 |  |  | $ | 214 |  |  | $ | 654 |  |  | $ | 660 |
Drivetrain & Morse Systems | 251 |  |  | 253 |  |  | 770 |  |  | 700 |
PowerDrive Systems | (19) |  |  | (20) |  |  | (130) |  |  | (74) |
Battery & Charging Systems | (8) |  |  | (26) |  |  | (33) |  |  | (76) |
Segment Adjusted Operating Income | 426 |  |  | 421 |  |  | 1,261 |  |  | 1,210 |
Corporate, including stock-based compensation | 76 |  |  | 72 |  |  | 196 |  |  | 194 |
Restructuring expense (Note 5) | 21 |  |  | 56 |  |  | 65 |  |  | 68 |
Intangible asset amortization expense | 17 |  |  | 17 |  |  | 51 |  |  | 51 |
Accelerated depreciation | 27 |  |  | 1 |  |  | 35 |  |  | 4 |
Commercial contract settlement | — |  |  | — |  |  | 15 |  |  | — |
Adjustments associated with Spin-Off related balances | 3 |  |  | — |  |  | 14 |  |  | — |
Collective bargaining agreement ratification bonus | 4 |  |  | — |  |  | 4 |  |  | — |
Loss (gain) on sale of businesses | 6 |  |  | — |  |  | 3 |  |  | (5) |
Asset impairment and lease modification | — |  |  | 2 |  |  | — |  |  | 11 |
Merger and acquisition expense, net | (5) |  |  | 2 |  |  | — |  |  | 18 |
Gain on sale of assets | — |  |  | (7) |  |  | — |  |  | (13) |
Other non-comparable items | 7 |  |  | 6 |  |  | 16 |  |  | 3 |
Equity in affiliates’ earnings, net of tax | (6) |  |  | (10) |  |  | (23) |  |  | (23) |
Unrealized and realized (gain) loss on equity and debt securities | (2) |  |  | 60 |  |  | — |  |  | 129 |
Interest expense (income), net | 4 |  |  | (19) |  |  | 17 |  |  | 3 |
Other postretirement expense | 4 |  |  | 3 |  |  | 10 |  |  | 8 |
Earnings from continuing operations before income taxes and noncontrolling interest | $ | 270 |  |  | $ | 238 |  |  | $ | 858 |  |  | $ | 762 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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